$10k Project
 

Hi all,

many may think i this is a bad idea but i going to embark on an expirment/project. I want to raise 10 thousand dollars. at the moment the idea is to buy a motorbike but this could change, main idea is to get to the 10 thousand dollars mark. 10 thousand dollars. got it? 10k.

My plan is to start banking $50 and betting $50 each weekend for this project. Short odds won't worry me, idea is to get a payout no matter how big. Bank is available for large bets eg was very confident in racing to win last weekend in this situation at $1000 bet from bank would be a likely bet, or more depending on bank.(i know there is no certain thing in racing).

I will post my bets each saturday before the races and post results also in this thread.

Wish me luck! hopefully i'll be riding soon!

i usually bet $50 a week anyway just thought i'd have a goal and bank as well instead of just partying on winnning days and kicking myself with hindsight expertise on losing days.

It's fine to have a goal.

But unfortunately there is a world of difference between having a goal and achieving it.

A large number of punters have poor discipline. That means they have no chance of succeeding long term. Invariably they will have $5 on a winner and $100 on a loser etc. etc.

Even with discipline there is no guarantee of success betting on horses for punters doing their own thing.

There are in my opinion a number of key ingredients, assuming one is disciplined.

1. Finding good horses to back.

2. Then not backing them when you shouldn't. "Pick the winner then back it" punters will be long term losers. Guaranteed. Because they have little or no understanding of the maths involved in betting. It is like the "Pick the winner then back it" punter I saw today at Sandown .... a guaranteed long term loser. Because there was just one bookmaker operating in the room where he placed the bet, he backed Permaiscuous with that bookie at $2.60 when it was $3.40 in the main betting ring. On that basis this punter is quite prepared to make a profit of $1.60 from each dollar he bets instead of $2.40 which is 50% extra!! Putting it bluntly, we can easily see where the cliched term mug punter comes from.

You must know at what odds you should back each horse and at what odds you should not back a horse. This can vary from horse to horse. It is just too simplistic to eliminate all bets under say $3.00 or $4.00 or whatever.

I note this forum is full of selection methods and elimination rules but very sparse on ideas of how to know when a selection should or should not be a bet based on its odds.

Because that is the ultimate skill ... being able to handicap is the key to winning long term ...

PS ... I'm not sure on what basis you could have been very confident about Racing To Win winning the Group 1 George Main Stakes. The gelding was jumping up in distance from 1300 metres to 1600 metres. Sure, it had won the Doncaster Handicap over 1600 metres, but its previous start was over 1500 metres, not 1300 metres. In its career it had never gone up in distance more than 200 metres from its previous start. In addition, Court's In Session beat Racing To Win when they met on the 26th. August. I thought the race was a bit of a trap race, and odds on Racing To Win didn't look like value to me. Left the race alone.

Hi Neil,

Thanks for the feedback. Racing to win probably was a bad example from the weekend agreed. although i did pick the trifecta that race!

I am still learnign the game being a relatively new punter etc just thought this'd be a bit of fun. i'd get to 10k in 100 weeks if i just banked the $100 and 200 weeks if i had no winnners at all. I'll be happy if I manage to get there before week 100.

anyone want to post their tip as to what # week i'll get there? just for interest?

I reckon you can get there in under a year. May i also suggest if you are happy with a collect of any value that there are plenty of sportsbets over the period of a year which are near on certainties-Wether it be rugby AFL or soccer. Even Tennis and some times head to head golf bets.

If you are happy with 1.60-1.90 then i suggest you explore these options.

thanks deal. very good point on the sportsbets. I just might incorporate some!

simshmick, just spotted this post, wouldn't like to say when you'll achieve your goal, but I congratulate you on your calculated approach. It took me many years to adopt that type of attitude (long term plan) but not long after I did, I started to win, only a bit at first but it has gathered momemtum over the last 4 years and now I'm very confident of long term profits.
So I reckon you are on the way to that "Harley" good luck!

Ripping Idea, good luck.... !

week one
 

week one was a good start, put the whole $50 on cheeky choice for a payout of $290. makes the bank $340 at the end of week one.

Where was the heads up for the winner !!?? ;) Share them around... :D

couldn't get near a comp stix, me and two mates threw 5 each on tawqeet as well so that was some pocket money for the day at $18+.